Novogratz: September 12 Was ‘Low’

As Bitcoinistreported Thursday, cryptocurrency market indices hit 80 percent versus all-time highs this week, outperforming the dotcom boom implosion of the early 2000s for the first time.

At the time, Novogratz eyed the Bloomberg Galaxy Crypto Index chart, noting current levels mirrored those at which the ascent to all-time highs seen in December began in 2017.

“I think we put in a low yesterday,” he commented on Twitter.

[The BGCI] retouched the highs of late last year and the point of acceleration that led to the massive rally/ bubble… markets like to retrace to the breakout. [We] retraced the whole of the bubble.

This is the BGCI chart…I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout..we retraced the whole of the bubble. #callingabottompic.twitter.com/EasTBYgjSj

Novogratz made the price bottom prediction a week after news broke of his Galaxy Digital investment bank providing $16 million in financing to Canadian mining company Hut 8, now claiming to be the world’s largest publicly-traded mining operator.

Binance CEO Counters Buterin Forecast

Amid mixed signals over how cryptocurrency will grow in the short term, industry figures appear increasingly at odds over the 2018 bear market coming to an end.

In Twitter comments, September 11, Binance CEO Changpeng Zhao stated his opposition to comments from Ethereum cofounder Vitalik Buterin, who had claimed the Blockchain industry had no room left for the kind of thousand-percent growth witnessed last year.

“I still disagree with this. I will say ‘crypto will absolutely grow 1000x and more!’ he argued.

Just reaching USD market cap will give it close to 1000x, (that’s just one currency with severely restricted use case), and the derivatives market is so much bigger.

Buterin had since clarified his own statements, maintaining growth was still possible, but not at the rate seen previously.

“You also can’t use traditional market size to measure potential for new technologies or industries,” Zhao continued.

If you used (and people have) taxi market size to estimate Uber’s potential, you would be off by quite a bit.

What do you think about Mike Novogratz’s analysis? Let us know in the comments below!

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